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<p>The Scheme conducts an actuarial valuation every three years. The 2013 valuation
estimated that the Local Government Pension Scheme in England and Wales had a funding
level of 79% and a deficit of £47 billion.</p><p> </p><p>The shadow Scheme Advisory
Board has also brought together the funds’ triennial valuation reports to provide
a view of the Scheme’s overall position (<a href="http://www.lgpsboard.org/index.php/schemedata/scheme-valuation"
target="_blank">http://www.lgpsboard.org/index.php/schemedata/scheme-valuation</a>).
The Government has asked the shadow Board to identify and assess alternative ways
to address the deficit and looks forward to receiving their proposals.</p><p> </p><p>In
addition, the Government introduced a reformed Local Government Pension Scheme from
1 April 2014, which will help the funds to reduce this deficit and ensure the scheme
remains affordable in the long term and fair to both scheme members and taxpayers.
Furthermore, the Government’s consultation <em>Opportunities for collaboration, cost
savings and efficiencies</em> set out how the funds could reduce their investment
costs by a further £660 million each year by working together and investing more efficiently.</p><p>
</p><p>The consultation is available at: <a href="https://www.gov.uk/government/consultations/local-government-pension-scheme-opportunities-for-collaboration-cost-savings-and-efficiencies"
target="_blank">https://www.gov.uk/government/consultations/local-government-pension-scheme-opportunities-for-collaboration-cost-savings-and-efficiencies</a></p>
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